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Insights into Golf Cart Market and it’s growth prospects

Author : Ronak Bora | Published Date : 2020-08-20 

Rising number of golf courses across the globe will drive the industry size over the study timeframe. According to NGF, over 400 golfing facilities opened in the duration of 2014-2018. The facility owners are providing supplies to support industry proliferation. As per R&A, the golfing countries witnessed an increase of over 20% in the supplies. Increasing presence of courses and availability of equipment will drive the product demand.

Growing demand for low maintenance and economic vehicles for short distances will induce significant growth potential in the golf cart market. The carts have smaller engines and motors that significantly reduces the energy and fuel requirement. The vehicles require smaller turning radius enabling easy parking and superior maneuverability. Further, increasing vehicle application in educational institutions and resorts will boost the industry growth.

Ongoing advancements to enhance vehicle performance and safety will drive the golf cart market growth over the forecast period. The industry participants are installing systems to enhance riding experience and passenger comfort. In 2017, Augusta launched golf cart with "Drive-By-Wire" system and dual braking to control vehicle speed and enhance barking efficiency. Continuous improvement in carrying capacity and vehicle performance will escalate industry size.

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Government entities including AARP and NHTSA provide guidelines to regulate the vehicle operation. Local regulatory are approving operation of low speed vehicles (LSV) to reduce emissions and meet environmental norms. For instance, In 2018, Florida permitted its operation on streets if equipped with identification number, head lamps, parking brakes, seat belts, rear-view mirror and windshield. Emergence of directives allowing the vehicle usage will enhance golf cart market expansion over the forecast timeline.

Electric and solar powered segment will witness strong growth with zero emission, low operation cost and negligible noise. Ongoing initiatives to support adaption of electric vehicles will drive the vehicle demand. The vehicle manufacturers are reducing battery cost to ensure low cost of ownership. Further, continuous surge in gasoline prices will drive the electric and solar powered golf cart market in next six years.

Golf course leads the industry owing to its adoption to carry golfing equipment and navigate golfers. Continuous increase in golfing nations are expanding the vehicle fleet size. In 2018, Turkmenistan established golfing facility to attract participants. Further, construction of facilities across the globe will enhance the product demand. According to R&A, in 2019, there are around 100 counties with active golf projects. Growth in golfing facilities will boost golf cart market growth over the study timeframe.

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North America led by the U.S. dominates the industry size with vast presence of supporting facilities. Over 50% of the courses are in the region. Further, over 25% of the under-development courses are in the U.S.

Europe will witness significant growth with rising tourism expenditure. The resort and other commercial facilities are establishing golfing arenas to attract participants. Moreover, rise in membership packages from clubs will strengthen the golf cart market.

Major golf cart market participants include: Textron, Ingersoll, Yamaha, Hitachi, Garia, Columbia Vehicle, Gdrive, Speedways Electric, Marshall Green, Dongguan Excellence Golf & Sightseeing Car, Tianjin Zhongyi Electric Vehicle, and Autopower. The industry players are enhancing battery capacity to increase application scope. Further, the participants are launching new products and undergoing mergers & acquisition to strengthen their foothold.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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